Chairmans Address and Result of GM
September 15 2008 - 8:44PM
UK Regulatory
Chairmans Address and Result of GM
16 September 2008
Monto Minerals Ltd (Administrators Appointed)
ACN 063 144 865
("Company")
Chairman's Address - General Meeting 16 September 2008
On 29 August 2008, I was appointed joint and several Administrator of
the Company, together with my partner David Laurence McEvoy, in
accordance with the provisions of Part 5.3A of the Corporations Act
2001 (the Act). The appointment was made by a resolution of the
board.
Prior to our appointment as Administrators, the company called a
General Meeting (by notice of meeting dated 8 August 2008) to be
held at 9am on Tuesday, 16 September 2008. The matters to be
considered at the meeting are adequately set out in the "Chairman's
letter" and the "Notice of General Meeting and Explanatory Statement"
as forwarded to shareholders
Events leading to my appointment
Prior to my appointment the company was experiencing difficulties
processing sufficient volumes through its Goondicum plant. As a
result the group's operations have been operating at a loss. Efforts
to raise further capital were pursued by the Directors, however, no
further funds came to fruition. The Directors made a decision to
appoint Administrators to the Company whilst there were sufficient
funds available to allow the Administrators to properly market the
assets of the group.
Key actions to date
Following our appointment on Friday evening, 29 August 2008, we met
with staff on site on Saturday 30 August. On Wednesday 3 September
2008 I advised the staff of my decision to place the plant on care
and maintenance, with seven staff maintained as a core team going
forward. I am currently compiling an Information Memorandum with
binding offers required to be submitted by 24 October 2008. This
date is subject to change.
I have placed the operations on a care and maintenance basis as we
believe that the additional value which a potential purchaser may pay
for the assets would not exceed the costs of continuing to trade.
Actions going forward
The key focus going forward is to seek potential purchasers of the
group and its assets.
Ian Hall
PricewaterhouseCoopers
RESOLUTIONS -GENERAL MEETING RESULTS
As required by ASX Listing Rule 3.13.2, please be advised of the
result of resolutions decided at the Company's Annual General Meeting
today and details of proxies received. All resolutions were decided
unanimously on a show of hands
+---------------------------------------------------------------------------------+
| | | |PROXIES |
|------------------------+------+------------+------------------------------------|
| Resolution |Result|Not Eligible|For |Against|Abstain| No |
| | | | | | |Direction|
|------------------------+------+------------+----------+-------+-------+---------|
|Ratification of previous|Passed| 100,000|73,816,001| 58,825|548,448|1,174,981|
|issue of securities | | | | | | |
|-2,880,000 employee | | | | | | |
|options | | | | | | |
|------------------------+------+------------+----------+-------+-------+---------|
|Ratification of previous|Passed| |74,464,449| 58,825| |1,174,981|
|issue of securities - | | | | | | |
|7,230,000 shares | | | | | | |
|------------------------+------+------------+----------+-------+-------+---------|
|Ratification of previous|Passed| 64,756,666| 9,707,783| 58,825| |1,174,981|
|issue of securities - | | | | | | |
|11,950,000 shares | | | | | | |
|------------------------+------+------------+----------+-------+-------+---------|
|Ratification of previous|Passed| |74,464,449| 58,825| |1,174,981|
|issue of securities - | | | | | | |
|2,640,000 shares | | | | | | |
|------------------------+------+------------+----------+-------+-------+---------|
|Ratification of previous|Passed| |74,464,449| 58,825| |1,174,981|
|issue of securities - | | | | | | |
|3,555,000 shares | | | | | | |
|------------------------+------+------------+----------+-------+-------+---------|
|Ratification of previous|Passed| |74,464,449| 58,825| |1,174,981|
|issue of securities - | | | | | | |
|10,770,000 shares | | | | | | |
|------------------------+------+------------+----------+-------+-------+---------|
|Ratification of previous|Passed| |74,464,449| 58,825| |1,174,981|
|issue of securities - | | | | | | |
|11,930,000 shares | | | | | | |
|------------------------+------+------------+----------+-------+-------+---------|
|Approval of M&G |Passed| |74,444,449| 78,825| |1,174,981|
|Investment Management | | | | | | |
|Limited Anti Dilution | | | | | | |
|Subscription Option Deed| | | | | | |
| | | | | | | |
|------------------------+------+------------+----------+-------+-------+---------|
|Approval of Sentient |Passed| |74,444,449| 78,825| |1,174,981|
|Executive GP1 Limited | | | | | | |
|Anti Dilution | | | | | | |
|Subscription Option Deed| | | | | | |
|------------------------+------+------------+----------+-------+-------+---------|
|Approval of Sentient |Passed| |74,444,449| 78,825| |1,174,981|
|(Aust) Pty Limited Anti | | | | | | |
|Dilution Subscription | | | | | | |
|Option Deed | | | | | | |
|------------------------+------+------------+----------+-------+-------+---------|
|Approval of RAB Special |Passed| |74,444,449| 78,825| |1,174,981|
|Situations (Master) Fund| | | | | | |
|Limited Anti Dilution | | | | | | |
|Subscription Option Deed| | | | | | |
|------------------------+------+------------+----------+-------+-------+---------|
|Approval of Henderson |Passed| 64,756,666| 9,687,783| 78,825| |1,174,981|
|Global Investors Anti | | | | | | |
|Dilution Subscription | | | | | | |
|Option Deed | | | | | | |
|------------------------+------+------------+----------+-------+-------+---------|
|Approval of Invesco |Passed| |74,444,449| 78,825| |1,174,981|
|Perpetual Anti Dilution | | | | | | |
|Subscription Option Deed| | | | | | |
|------------------------+------+------------+----------+-------+-------+---------|
|Approval of SVM Anti |Passed| |74,444,449| 78,825| |1,174,981|
|Dilution Subscription | | | | | | |
|Option Deed | | | | | | |
|------------------------+------+------------+----------+-------+-------+---------|
|Approval of Issue of |Passed| |74,444,449| 78,825| |1,174,981|
|securities and Ambrian | | | | | | |
|Partners Limited Anti | | | | | | |
|Dilution Subscription | | | | | | |
|Option Deed | | | | | | |
|------------------------+------+------------+----------+-------+-------+---------|
|Approval of Issue of |Passed| |74,444,449| 78,825| |1,174,981|
|securities and Venture | | | | | | |
|Group Equities Pty | | | | | | |
|Limited Anti Dilution | | | | | | |
|Subscription Option Deed| | | | | | |
+---------------------------------------------------------------------------------+
For further information please contact
Ian Hall
PricewaterhouseCoopers
Ph. + 61 7 3257 5405 or +61 7 3257 8588
Fax. +61 7 3031 9369
Richard Brown
Ambrian Partners Limited +44 (0) 20 7634 4709
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